15g will be accepted only if its interest income is below Rs 2lakhs
If interest exceeds Rs 2 lakhs, Can a bank accept from a trust its Registration Certificate obtained u/s 80G for non deduction of tds on interest income on fixed deposits, ??
Or the bank should ask for separate no deduction certificate applicable for that particular year??
If income exceeds minimum liable to tax, then the depositor Trust will have to obtain a separate certificate by applying in form 13 from the jurisdiction TDS officer. Some banks do accept the registration certificate but there is no statutory backing for this.
S.B.G. & CO. CHARTERED ACCOUNTANTS
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Thane
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